Federal Insurance Contributions Act (FICA) Tax: It is a tax applicable on employees’ earnings as a certain percentage. Employers are also supposed to contribute their share and deposit the combined amount to the federal body. Gross Earnings: It is the amount of employee’s total earnings during a period. It includes fixed wage or salary plus overtime pay or any bonus or commission if applicable. Net Pay: It is the amount an employee actually receives as the salary or wage payment for a particular period. It is calculated after all the statutory and voluntary deductions by the employer. Journal Entries: Entries to record the financial transactions during each accounting period are called journal entries. Income, liabilities and the giver are credited if the balance is increased and debited if the balance is reduced Expenses, assets and the receiver is debited if the balance is increased and credited if the balance is reduced in a journal entry . To compute: To compute the gross earnings for M.

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Answer 1

Question

Chapter 11, Problem 11.9E

(a)(1)

To determine

Federal Insurance Contributions Act (FICA) Tax: It is a tax applicable on employees’ earnings as a certain percentage. Employers are also supposed to contribute their share and deposit the combined amount to the federal body.

Gross Earnings: It is the amount of employee’s total earnings during a period. It includes fixed wage or salary plus overtime pay or any bonus or commission if applicable.

Net Pay: It is the amount an employee actually receives as the salary or wage payment for a particular period. It is calculated after all the statutory and voluntary deductions by the employer.

Journal Entries: Entries to record the financial transactions during each accounting period are called journal entries. Income, liabilities and the giver are credited if the balance is increased and debited if the balance is reduced Expenses, assets and the receiver is debited if the balance is increased and credited if the balance is reduced in a journal entry.

To compute: To compute the gross earnings for M.

(2)

To determine

To compute: The federal insurance contributions act taxes (FICA) on the earnings of M.

(3)

To determine

To compute: The federal income tax withheld as per the withholding table.

(4)

To determine

To compute: The state income tax withheld.

(5).

To determine

To compute: The net pay for M.

(b).

To determine

To record: The pay of M.

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The following errors took place in journalizing and posting transactions:a. The payment of $3,125 from a customer on account was recorded as a debit to Cash and a credit toAccounts Payable.b. Advertising expense of $1,500 paid for the current month was recorded as a debit to MiscellaneousExpense and a credit to Advertising Expense.c. The purchase of supplies of $2,690 on the account was recorded as a debit to Office Equipment anda credit to Supplies.d. The receipt of $3,750 for services rendered was recorded as a debit to Accounts Receivable and acredit to Fees Earned.Required:Prepare journal entries to correct the errors.Each error correction carries equal marks.

Required:a) Journalize the following transactions using the direct write-off method of accounting foruncollectible receivables:Aug. 7. Received $175 from Roosevelt McLair and wrote off the remainder owed of $400 asuncollectible.Nov. 23. Reinstated the account of Roosevelt McLair and received $400 cash in full payment.b) Journalize the following transactions using the allowance method of accounting for uncollectiblereceivables:Feb. 12. Received $750 from Manning Wingard and wrote off the remainder owed of $2,000 asuncollectible.June 30. Reinstated the account of Manning Wingard and received $2,000 cash in full payment.Each journal carries equal marks

If someone tracks, tallys and totals a current liabilities for an accounting period, and then seeks to apply this value in a calculation to assess our liquidity, what’s the difference between the current ratio and the “acid-test” (or “quick”) ratio? Does the difference between these two metrics even matter?

Answer 2

Question

Chapter 11, Problem 11.9E

(a)(1)

To determine

Federal Insurance Contributions Act (FICA) Tax: It is a tax applicable on employees’ earnings as a certain percentage. Employers are also supposed to contribute their share and deposit the combined amount to the federal body.

Gross Earnings: It is the amount of employee’s total earnings during a period. It includes fixed wage or salary plus overtime pay or any bonus or commission if applicable.

Net Pay: It is the amount an employee actually receives as the salary or wage payment for a particular period. It is calculated after all the statutory and voluntary deductions by the employer.

Journal Entries: Entries to record the financial transactions during each accounting period are called journal entries. Income, liabilities and the giver are credited if the balance is increased and debited if the balance is reduced Expenses, assets and the receiver is debited if the balance is increased and credited if the balance is reduced in a journal entry.

To compute: To compute the gross earnings for M.

(2)

To determine

To compute: The federal insurance contributions act taxes (FICA) on the earnings of M.

(3)

To determine

To compute: The federal income tax withheld as per the withholding table.

(4)

To determine

To compute: The state income tax withheld.

(5).

To determine

To compute: The net pay for M.

(b).

To determine

To record: The pay of M.

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Answer 3

Question

Chapter 11, Problem 11.9E

(a)(1)

To determine

Federal Insurance Contributions Act (FICA) Tax: It is a tax applicable on employees’ earnings as a certain percentage. Employers are also supposed to contribute their share and deposit the combined amount to the federal body.

Gross Earnings: It is the amount of employee’s total earnings during a period. It includes fixed wage or salary plus overtime pay or any bonus or commission if applicable.

Net Pay: It is the amount an employee actually receives as the salary or wage payment for a particular period. It is calculated after all the statutory and voluntary deductions by the employer.

Journal Entries: Entries to record the financial transactions during each accounting period are called journal entries. Income, liabilities and the giver are credited if the balance is increased and debited if the balance is reduced Expenses, assets and the receiver is debited if the balance is increased and credited if the balance is reduced in a journal entry.

To compute: To compute the gross earnings for M.

(2)

To determine

To compute: The federal insurance contributions act taxes (FICA) on the earnings of M.

(3)

To determine

To compute: The federal income tax withheld as per the withholding table.

(4)

To determine

To compute: The state income tax withheld.

(5).

To determine

To compute: The net pay for M.

(b).

To determine

To record: The pay of M.

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Answer 4

Question

Chapter 11, Problem 11.9E

(a)(1)

To determine

Federal Insurance Contributions Act (FICA) Tax: It is a tax applicable on employees’ earnings as a certain percentage. Employers are also supposed to contribute their share and deposit the combined amount to the federal body.

Gross Earnings: It is the amount of employee’s total earnings during a period. It includes fixed wage or salary plus overtime pay or any bonus or commission if applicable.

Net Pay: It is the amount an employee actually receives as the salary or wage payment for a particular period. It is calculated after all the statutory and voluntary deductions by the employer.

Journal Entries: Entries to record the financial transactions during each accounting period are called journal entries. Income, liabilities and the giver are credited if the balance is increased and debited if the balance is reduced Expenses, assets and the receiver is debited if the balance is increased and credited if the balance is reduced in a journal entry.

To compute: To compute the gross earnings for M.

(2)

To determine

To compute: The federal insurance contributions act taxes (FICA) on the earnings of M.

(3)

To determine

To compute: The federal income tax withheld as per the withholding table.

(4)

To determine

To compute: The state income tax withheld.

(5).

To determine

To compute: The net pay for M.

(b).

To determine

To record: The pay of M.

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Answer 5

Chapter 11, Problem 11.9E

(a)(1)

To determine

Federal Insurance Contributions Act (FICA) Tax: It is a tax applicable on employees’ earnings as a certain percentage. Employers are also supposed to contribute their share and deposit the combined amount to the federal body.

Gross Earnings: It is the amount of employee’s total earnings during a period. It includes fixed wage or salary plus overtime pay or any bonus or commission if applicable.

Net Pay: It is the amount an employee actually receives as the salary or wage payment for a particular period. It is calculated after all the statutory and voluntary deductions by the employer.

Journal Entries: Entries to record the financial transactions during each accounting period are called journal entries. Income, liabilities and the giver are credited if the balance is increased and debited if the balance is reduced Expenses, assets and the receiver is debited if the balance is increased and credited if the balance is reduced in a journal entry.

To compute: To compute the gross earnings for M.

(2)

To determine

To compute: The federal insurance contributions act taxes (FICA) on the earnings of M.

(3)

To determine

To compute: The federal income tax withheld as per the withholding table.

(4)

To determine

To compute: The state income tax withheld.

(5).

To determine

To compute: The net pay for M.

(b).

To determine

To record: The pay of M.

Answer 6

Chapter 11, Problem 11.9E

(a)(1)

To determine

Federal Insurance Contributions Act (FICA) Tax: It is a tax applicable on employees’ earnings as a certain percentage. Employers are also supposed to contribute their share and deposit the combined amount to the federal body.

Gross Earnings: It is the amount of employee’s total earnings during a period. It includes fixed wage or salary plus overtime pay or any bonus or commission if applicable.

Net Pay: It is the amount an employee actually receives as the salary or wage payment for a particular period. It is calculated after all the statutory and voluntary deductions by the employer.

Journal Entries: Entries to record the financial transactions during each accounting period are called journal entries. Income, liabilities and the giver are credited if the balance is increased and debited if the balance is reduced Expenses, assets and the receiver is debited if the balance is increased and credited if the balance is reduced in a journal entry.

To compute: To compute the gross earnings for M.

Answer 7

Chapter 11, Problem 11.9E

(a)(1)

To determine

Federal Insurance Contributions Act (FICA) Tax: It is a tax applicable on employees’ earnings as a certain percentage. Employers are also supposed to contribute their share and deposit the combined amount to the federal body.

Gross Earnings: It is the amount of employee’s total earnings during a period. It includes fixed wage or salary plus overtime pay or any bonus or commission if applicable.

Net Pay: It is the amount an employee actually receives as the salary or wage payment for a particular period. It is calculated after all the statutory and voluntary deductions by the employer.

Journal Entries: Entries to record the financial transactions during each accounting period are called journal entries. Income, liabilities and the giver are credited if the balance is increased and debited if the balance is reduced Expenses, assets and the receiver is debited if the balance is increased and credited if the balance is reduced in a journal entry.

To compute: To compute the gross earnings for M.

Answer 8

(2)

To determine

To compute: The federal insurance contributions act taxes (FICA) on the earnings of M.

Answer 9

(2)

To determine

To compute: The federal insurance contributions act taxes (FICA) on the earnings of M.

Answer 10

(3)

To determine

To compute: The federal income tax withheld as per the withholding table.

Answer 11

(3)

To determine

To compute: The federal income tax withheld as per the withholding table.

Answer 12

(4)

To determine

To compute: The state income tax withheld.

Answer 13

(4)

To determine

To compute: The state income tax withheld.

Answer 14

(5).

To determine

To compute: The net pay for M.

Answer 15

(5).

To determine

To compute: The net pay for M.

Answer 16

(b).

To determine

To record: The pay of M.

Answer 17

(b).

To determine

To record: The pay of M.

Answer 18

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Answer 19

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Answer 20

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Answer 21

Ch. 11 - Prob. 1Q Ch. 11 - Prob. 2Q Ch. 11 - Prob. 3Q Ch. 11 - Prob. 4Q Ch. 11 - Prob. 5Q Ch. 11 - Prob. 6Q Ch. 11 - Prob. 7Q Ch. 11 - 8. What is the difference between gross pay and...Ch. 11 - Prob. 9Q Ch. 11 - Prob. 10Q

To compute: The federal insurance contributions act taxes (FICA) on the earnings of M.

To compute: The federal income tax withheld as per the withholding table.

To compute: The state income tax withheld.

To compute: The net pay for M.

To record: The pay of M.

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